India's Nifty witnessed the highest drop of 2.9%, followed by Brazil's Bovespa, down 2.6%. Meanwhile, China's Shanghai Composite Index narrowed 1.3%. Furthermore, the downslide in the S&P 500 and the Dow Jones was 1.7% and 1.3%, respectively, beleaguered by rising unemployment claims.

China: Winners and Losers

Orsus Xelent Technologies ( ORS), from the communication equipment industry, was the top gainer last week, jumping 128.8%. Among others, telecom company China Techfaith Wireless Communication Technology ( CNTF) rose 9.4% at close last week.

Besides, 51job ( JOBS) advanced 13.8%. Last week, the company reported total revenue of $49.6 million, increasing 27.5% year-over-year. Also, net income increased 77.9% to $15.5 million for the same period.

AsiaInfo-Linkage ( ASIA) gained 6.8% at close last week after Jefferies initiated coverage on the stock with a buy rating and forecast 41% upside in the stock's value from current levels.

China Metro Rural Holdings ( CNR) emerged major loser at close last week, declining 33.7%. GigaMedia ( GIGM) rose 15.4% after the company announced disappointing full year 2010 results -- revenues plunged 59%, while gross profit dropped to $43.6 million from $122.7 million in 2009.

Emerging as the sole gainer at the end of the past week, iGATE ( IGTE) gained 4.7%. Last week, the company recorded a 54% increase in its net income to $17.9 million from the year-ago period. Revenues rose 31% to $75.8 million for the period. During the quarter, the company added four new customers.

Stocks in the computer services industry such as Sify Technologies ( SIFY) and Rediff.com ( REDF) slipped 23.2% and 8.9%, respectively, last week.

Mahanagar Telephone Nigam ( MTE) decreased 8.3% at close last week. The company announced last week its plans to shelve the roll out of Wimax services on the broadband wireless access spectrum it was allotted two years ago after failing to find a franchise partner. Additionally, Sterlite Industries India ( SLT) dropped 7.9%.